Documents filed with the federal Securities and Exchange Commission showed third quarter revenue at the Las Vegas Riviera dropping to $22.6 million from $30.2 million in the same quarter of 2008.

Riviera Holdings said in its quarterly financial report. “As a result of the economic factors and the defaults on the credit facility, there is substantial doubt about our ability to continue as a going concern.”

The gaming company has been in default of its $245 million credit agreement since February, as well as in default of a credit swap agreement with Wachovia. In order to avoid the filing the company continues to make attempts to renegotiate loan terms with creditors and restructure $281 million in debit.

Starting today, the company’s stock will be carried on the Pink OTC Markets, using the symbol “RVHL.”

The gaming company’s value had declined from a high of over $39 as recently as 2007, to 34 cents at close yesterday.

Riviera officials say they voluntarily de-listed the stock after they were warned by the NYSE to meet compliance regulations. They noted the stock exchange had written the company that its losses left significant doubt as to whether Riviera could meet its future obligations.

Riviera operates the Riviera Casino in Las Vegas and the riviera Black Hawk Casino in Black Hawk, Colorado.

Revenues continued to plummet for the gambling company, which operates the Riviera Casino on the Las Vegas Strip, as well as the Riviera Blackhawk, in Colorado. This year’s first quarter brought $34.7 million, compared to $48 million in 2008.

Riviera has defaulted on its loan agreements and, barring a last-minute restructuring, may be forced to seek bankruptcy protection. The company insists it has the funds to maintain daily operations.

“The continuing devastating competitive pressure on room rates, the rapidly declining visitation to Las Vegas, especially by convention attendees, verify we made the correct decision,” said CEO William Westerman, referring to the decision to stop interest payments on loans to retain cash liquidity.

Wachovia’s credit deal with Riviera requires the two maintain an agreement on control of deposit accounts. But Riviera officials say Wachovia made unreasonable demands in the last negotiation, including the right to transfer cash to other accounts in case of a default.

Riviera CEO William Westerman said, “Under the terms of the proposed (agreement), Wachovia could gain access to all cash held in Riviera’s bank accounts by merely advising the banks of a notice of default without first allowing us the opportunity to cure the default, no matter how trivial.”

He assured investors that Riviera was current on all payment obligations, and is just avoiding entering a situation that may block access to its own cash.

Nevertheless, nervous observers reacted, sending the gaming company’s stock to a decline of more than twenty percent. Defaults by Trump Entertainment, Stations Casinos, and MGM Mirage have left investors leery of casinos mentioning the word “default.”